Forex reserves drop $701mn to $165.09bn

Foreign exchange reserves declined $701 million to $165.094 billion for the week ended August 11, 2006 when compared with the previous week, according to the weekly supplement released by the RBI on Friday.

Foreign currency assets dropped $696 million to $157.769 billion. While gold reserves were unchanged at $6.557 billion, SDRs were down $6 million to $1 million.

The Reserve Tranche Position with the IMF was up marginally ($1 million) to $767 million.